Boyd Gaming (NYSE:BYD) Q4 2025 Earnings call February 05, 2026 05:00 PM ET Company ParticipantsDavid Strow - VP of Corporate CommunicationsJosh Hirsberg - CFOKeith Smith - President and CEOMax Marsh - Equity Research AssociateConference Call ParticipantsBen Chaiken - Managing Director and Senior Equity AnalystDan Politzer - Executive Director and Senior Equity Research AnalystDavid Katz - Managing Director and Senior Equity AnalystJordan Bender - Director and Senior Equity Research AnalystPatrick Scholes - ...

Boyd Gaming (NYSE:BYD) Q4 2025 Earnings call February 05, 2026 05:00 PM ET Speaker8Ladies and gentlemen, this is the operator. Today's conference is scheduled to begin momentarily. Until that time, your lines will remain on music hold. Thank you for your patience.Speaker3Good afternoon, and welcome to the Boyd Gaming fourth quarter and full year 2025 earnings conference call. My name is David Stroud, Vice President of Corporate Communications for Boyd Gaming. I will be the moderator for today's call, which ...

LAS VEGAS, Feb. 05, 2026 (GLOBE NEWSWIRE) -- Expanse Studios, a B2B iGaming content provider and subsidiary of Golden Matrix Group Inc. (NASDAQ: GMGI), has signed a strategic content distribution partnership with Brazino777, one of Brazil’s largest online gaming operators, catapulting it into a market projected to generate over $2.6 billion in online gaming revenue by 2026, following the government’s updated regulatory framework enacted in late 2024. Under the agreement, Expanse Studios’ proprietary portfol ...

Industry Overview - The American iGaming industry is still growing and has not yet reached maturity compared to its European counterparts [1] - The analysis focuses on the four strongest stocks in American iGaming and their potential performance by 2026 [1] DraftKings – DKNG - DraftKings started as a fantasy sports service and expanded into sports betting and online casino services following the easing of betting restrictions in 2018 [3] - The stock is currently trading in the $35 to $36 range, with previous highs of $47 and $53 in 2025 [4] - DraftKings is entering the predictions market, driven by services like Kalshi and Polymarket, and plans to offer this in regions where sports betting is not available [4] - Anticipated boost in usage during the FIFA World Cup, co-hosted by the US, with a moderate buy recommendation targeting $44 [5] FanDuel – FLUT - FanDuel has transitioned from a fantasy sports service to a comprehensive iGaming platform, focusing heavily on online casino technology [6] - The stock is trading in the $215 to $219 range, with expectations for growth due to consistent profitability and favorable regulatory trends [7] - Rated as a strong buy with a price target of $300 for the year [7] BetMGM – MGM - BetMGM, associated with the MGM brand, has been expanding its online casino experience since 2018 and has formed partnerships with major sports leagues [8] - The focus for 2026 is on achieving a $500 million positive EBITDA, which could lead to a re-rating of the stock [9] theScore Bet – PENN - theScore Bet operates in the US under Penn Entertainment and is focusing on a lean, efficient operation after exiting an ESPN partnership [11] - The strategy involves cutting excess and leveraging technology for profitability, with a loyal customer base in Ontario [12] - The launch of a new iGaming market in Alberta could impact its operations, leading to a speculative buy rating [12]

Core Insights - Expanse Studios, a subsidiary of Golden Matrix Group Inc., is set to release Super Heli Premium, an enhanced version of its popular crash game, featuring new gameplay mechanics and improved operator customization [1][3]. Game Performance and Features - The original Super Heli game quickly became a top-requested title in European iGaming, with session lengths exceeding industry averages and retention metrics significantly better than category norms [2]. - Super Heli Premium will introduce new gameplay modes that expand strategic options, including prediction-based betting and range-based outcomes, catering to both conservative and aggressive play styles [7]. - The game will feature improved Return to Player (RTP) rates, enhancing player return while maintaining the volatility profile that contributed to the original game's success [7]. Operator Flexibility and Market Reach - Super Heli Premium is designed as a platform play, allowing operators to configure the game for various audience segments, from casual players to those seeking deeper strategic engagement [3]. - Expanse Studios currently has over 1,300 B2B partnerships globally, with more than 300 new operators added in Q3 2025, indicating strong market expansion [4]. - The game will be available across Expanse's global operator network, including active integrations in the US, Brazil, Europe, and emerging markets in Eastern Europe and Africa [4]. Company Overview - Expanse Studios specializes in B2B iGaming content, offering a portfolio of 56 proprietary titles and powering over 1,300 casino brands across Europe, LATAM, and North America [5]. - Golden Matrix Group Inc. operates globally through B2B divisions and B2C operations, including various gaming platforms and services across multiple jurisdictions [6].

Core Insights - Expanse Studios has entered a content distribution agreement with Vegas.hr, enhancing its presence in the Croatian iGaming market [1][2] - The partnership allows Vegas.hr to offer a range of certified games from Expanse's portfolio, including popular titles [2][3] - Croatia's online casino revenue is projected to reach $482 million in 2025, indicating a rapidly growing market [4] Company Developments - Expanse Studios has received Croatian certification from the Ministry of Finance, starting with Super Heli and expanding to 15 certified titles [5] - The CEO of Expanse Studios highlighted the importance of regulatory compliance and content quality for market access [6] - The partnership with Vegas.hr is part of Expanse's strategy to build relationships in regulated markets [6] Market Context - Croatia's iGaming market is characterized by accelerating digital adoption, with internet penetration at 84.4% at the start of 2024 [4] - Expanse Studios has also secured regulatory approvals in Romania and Sweden, expanding its European B2B distribution network [7] - The company has over 1,300 B2B operator partnerships globally and a portfolio of 56 proprietary titles [8]

Financial Data and Key Metrics Changes - The company reported Q3 adjusted EBITDA of $32.3 million and trailing 12-month adjusted EBITDA of $110 million, both exceeding consensus expectations [3][10] - The trailing 12-month revenue reached $310 million, with an adjusted EBITDA margin of 35% [16][19] Business Line Data and Key Metrics Changes - The interactive segment achieved over 40% year-over-year adjusted EBITDA growth for the ninth consecutive quarter, with October being the largest revenue month in the segment's history [7][10] - The virtual sports segment showed stabilization for the second consecutive quarter, with expectations for year-over-year growth in Q4 [7][10] Market Data and Key Metrics Changes - The company is gaining market share in the U.K. and North America, with strong performance noted in both regions [7][13] - In North America, performance in Illinois and key Canadian provinces reached the highest levels since product introduction [15] Company Strategy and Development Direction - The sale of the holiday parks business is a strategic move to enhance adjusted EBITDA margins, reduce capital expenditures, and lower headcount by nearly 40% [8][19] - The company plans to increase game deliveries through a new interactive studio to meet customer demand for more content [11][49] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in navigating potential tax changes in the U.K. gaming industry, citing past experiences with similar challenges [5][6] - The company anticipates significant operating leverage from the expansion of iGaming states, viewing it as a transformational opportunity [11][19] Other Important Information - A $25 million share buyback plan has been reauthorized as part of the company's future plans [8][19] - The company is focusing on organic growth without immediate expectations of M&A impacts, although it continues to evaluate potential tuck-in acquisitions [20][27] Q&A Session Summary Question: Can you walk through the revenue growth and margin expectations? - Management indicated that the holiday parks business's divestiture is the main driver for projected revenue changes, while other segments are expected to grow [22][23] Question: What gives confidence in the virtual sports segment's growth? - Adjustments with major customers and new customer additions in Brazil and Turkey are expected to drive growth in the virtual sports segment [24][25] Question: Can you elaborate on M&A strategy? - The company is focused on tuck-in acquisitions that enhance existing operations, avoiding large diversification deals [26][27] Question: What is the status of the interactive studio? - The new interactive studio will be developed organically, with plans to enhance content offerings [34][35] Question: How does the company view share buybacks? - The share buyback will be opportunistic, balancing leverage reduction and potential M&A opportunities [37][39] Question: What is the outlook for the interactive business growth? - The company expects continued strong growth in the interactive segment, driven by increased game delivery and customer demand [48][49]

Group 1 - MGM Resorts International experienced a net revenue increase of 2% year over year to $4.3 billion for Q3 2025, driven by growth in MGM China [6][7] - The company reported a net Q3 loss of $285 million, primarily due to the withdrawal of its application for a commercial gaming license in Yonkers, New York [4] - Las Vegas saw a decline in net revenue by 7% year over year for the quarter, attributed to room remodels at MGM Grand Las Vegas and decreases in RevPAR, table games win percentage, and food and beverage revenue [7] Group 2 - MGM's Las Vegas segment has faced declines for four consecutive quarters, with a Q2 decline of 4% year over year, while Caesars Entertainment reported a nearly 10% decline in the market [3] - CEO Bill Hornbuckle noted a decline in international visitation, particularly from Canada, and the impact of Spirit Airlines' bankruptcy on canceled routes [3] - Despite current challenges, MGM anticipates over 40 million visitors to Las Vegas in 2025 and is working on initiatives to increase visitation [4] Group 3 - MGM China reported net third-quarter revenue of $1.1 billion, a 17% increase year over year, despite a $12 million impact from a typhoon [6] - The segment adjusted EBITDAR for MGM China increased by 20% year over year to $284 million, with a market share of 15.5% [6] - The company highlighted the divestment of MGM Northfield Park casino operations in Ohio for $546 million in cash [5] Group 4 - There are signs of stabilization in Las Vegas for Q4, with the return of groups and conventions and a strengthening luxury market segment [6] - MGM Digital saw a 23% year-over-year growth in Q3, with the appointment of Gary Fritz as chief commercial officer to accelerate digital and iGaming growth [7]

Event Overview - FUTURUM GEORGIA by MEXC brought together crypto, iGaming, and AI sectors in Tbilisi [1] - The event featured insights from top speakers, a Startup Pitch Battle, an expo zone, networking, and an afterparty [1] Target Audience - The event targeted builders, traders, and innovators [1] MEXC's Role - MEXC hosted the FUTURUM GEORGIA event [1]

Group 1 - The article discusses the momentum of a specific online betting operation that went public in 2020 at a price of $9, highlighting its performance compared to peers and the price targets set by analysts [1] - 11 out of 12 analysts have provided price targets for the stock, indicating a generally positive outlook for the company [1] - Howard Jay Klein, with 30 years of experience in major casino operations, leads an investing group focused on actionable research in the casino, online betting, and entertainment industries [1] Group 2 - The article emphasizes the importance of management quality in informing investment ideas, as highlighted by Howard Jay Klein's value investing approach [1] - Klein's extensive intelligence network spans various levels within the US gambling and entertainment sectors, providing valuable insights for investment decisions [1]